Life can be unpredictable at times, and while we don't anticipate losing a loved one, unexpected events still occur everyday, leaving the surviving family members in emotional and financial distress. Life insurance serves to provide coverage to families should they be faced with the financial burden that remains after the loss of a spouse, child, or parent.
There are a multitude of life insurance products available, but the majority of them are categorized into two groups - term insurance and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
Permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
At ATAB Insurance Services, we discuss your and your family's needs in detail to ensure that we curate a life insurance policy that fully protects yours and your family's financial future. We represent top-rated life insurance carriers and will work with our markets to obtain a policy that fits your family's specific needs.
Contact Us today for more information about obtaining life insurance.